US President Bush’s statement on the financial bailout approval by the US Senate

I applaud the Senate for its strong bipartisan vote in favor of the financial rescue plan. I especially appreciate the efforts of Majority Leader Harry Reid, Minority Leader Mitch McConnell, Senators Chris Dodd and Judd Gregg, and the senior members of the relevant committees from both parties. They worked across the aisle to make vital improvements to the rescue package I sent Congress last month – including an expansion of deposit insurance that will help protect the savings of American families and small businesses.

The bill the Senate passed is essential to the financial security of every American. It is aimed at helping American families who need to borrow money to buy a car or fund a college education. It is aimed at helping small businesses that depend on financing to meet their payrolls and stock their shelves. And it is aimed at helping State and local governments that rely on the credit markets to fund basic services and meet the needs of their citizens.

The House will now take up this rescue legislation. With the improvements the Senate has made, I believe members of both parties in the House can support this legislation. The American people expect – and our economy demands – that the House pass this good bill this week and send it to my desk.